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Aug 4, 2011 10:45 pm

Finally there was a compromise on the debt ceiling. A compromise that no one seems happy about, least of all the markets. So once again here we are to tell you that gold prices have once again spiked this time around uncertainty about a new recession. As of writing this post gold prices hit $1,700 an ounce based on worries that the government will not be able to grow their way out of debt.

Still not everyone is being so optimistic about the rise of gold prices. Several mining companies are getting pessimistic about the soaring prices and are beginning to try and lock in prices using derivatives. The effort comes after several years where miners attempted to get out of these sorts of deals in order to fully capitalize on the increasing price of gold. It appears that in the past two months the amount of gold being hedged is up. This means that producers are locking in the price for gold to protect the flow of cash entering their coffers.

So with that in mind today, or soon at least, could be an ideal time to hit up your local NYC gold refinery to trade in your under used pieces for some cash. If you planned on going to a gold refiner anyway now might be a good time to ensure a solid price on your unwanted gold.


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